Core Viewpoint - The article emphasizes the importance of "new quality productivity" in China's economic development, highlighting the role of capital markets in fostering this growth and the significance of emerging and future industries in building a modern industrial system [1][2]. Group 1: Economic Growth and Performance - China's new quality productivity has shown strong growth, with the added value of equipment manufacturing and high-tech manufacturing industries increasing by 7.7% and 8.9% respectively in 2024, surpassing the overall industrial growth rates by 1.9 and 3.1 percentage points [2]. - The new quality productivity sector's total operating revenue grew from 24.9 trillion yuan to 26.6 trillion yuan from 2022 to 2024, with median revenue growth rates of 2.99% and 3.16% in 2023 and 2024, respectively, slightly above the A-share average [2][3]. Group 2: Market Performance - The Wande New Quality Productivity Composite Index has shown a continuous upward trend for three years, with a cumulative increase of over 37% in 2023, significantly outperforming the CSI 300 Index [3]. - The total market capitalization of the new quality productivity sector has exceeded 48 trillion yuan, with leading companies like BYD and CATL achieving market values above one trillion yuan [3]. Group 3: Financial Health - The new quality productivity sector has demonstrated strong financial health, with a weighted return on equity nearing 9% in 2024, and operating cash flow exceeding 3 trillion yuan for two consecutive years [4]. - The sector's dividend amounts and payout ratios reached historical highs in 2024, indicating robust profitability [4]. Group 4: R&D Investment - China's R&D expenditure reached 3.61 trillion yuan in 2024, growing by 8.3%, with an R&D intensity of 2.68%, reflecting a commitment to innovation [6]. - The new quality productivity sector's R&D spending approached 1.3 trillion yuan in 2024, accounting for 4.87% of total revenue, marking a historical high [6]. Group 5: Leading Industries - China is a leader in six key emerging sectors, including new energy vehicles, where production and sales exceeded 31 million units in 2024, with over 12.8 million being electric vehicles [7]. - In the robotics sector, China accounted for over 52% of global industrial robot installations, leading the world in this technology [7]. Group 6: Technological Advancements - China leads globally in artificial intelligence research, with the highest number of published papers and patents, and accounted for 61.5% of new generative AI patents in 2024 [8]. - In quantum technology and 6G, China holds a dominant position in research output and patent filings, with 6,001 6G-related patents, significantly outpacing other countries [9].

24晚间，伴随年报的发布，"史上最强" 比亚迪 (002594.SZ) 持续冲击市场热度。 在商业世界早已证明，在一个充分竞争的领域，一家企业的崛起与没落，都有迹可循。 笔者分析财报后发现，比亚迪在 "市场、盈利、投资、研发、一体化、资本" 等6个方面的持续突 破，造就了比亚迪这份史上最强年报。 首先看市场突破力。 根据中国汽车工业协会的数据，中国新能源汽车全年产销分别达1,288.8万 辆和1,286.6万辆，同比分别大幅增长34.4%和35.5%，连续十年位居全球第1。 而据财报披露，比亚迪24年产销分别为430.41万辆 （同比增长125.52%） 和427.22万辆 （同比 增长41.265） ，市场占有率超33%，即市场每投入一辆新能源汽车，有一辆就是比亚迪。 另据24潮产业研究院 (TTIR) 统计，2020-2024年这五年间，比亚迪乘用车和商用车销量分别增长 了26.21倍、2.25倍，增长势头非常强劲。 | स्ट (२) | 乘用车销量 | 商用车销量 | | --- | --- | --- | | 2024年 | 425.04 | 2.18 | | 2023年 | 301.29 | 1. ...